A gift voucher is a prepaid value token that can be used to purchase goods or services from a specific merchant. It provides benefits such as increased sales, marketing and brand awareness, reduced cart abandonment rates, and no risk of chargebacks. Gift vouchers work by being purchased and then used at the designated merchant's location, with expiration dates and limitations applying in some cases. The future of gift vouchers may involve digital-only options, customizable designs, and increased competition among merchants.